Answer:
Expense must be recognized in July
Explanation:
The reason is that the expense must be recognized in the month in which the supplies are used because the accrual concept says that the expenses must be realized when they are incurred. Incurred means that the consideration received has been used. For example if I pay the telecommunication network in June to give 4G internet and the services are delivered in the month July then the expenses will be realized in the month in which the services were used and that is July for internet facilities. So in this case the supplies are used in the month of July which is in-accordance with the accrual concept.
Answer:
The payment made by Cordelia
Explanation:
In the scenario it stated clearly that Rupert filled out what would have been a normal application form for operational license in the country
However Cordelia using connections was able to schedule a meeting with the government official that <u>has the authority to determine which foreign companies get licenses, and pays him $200 to approve their license.</u>
Cordelia payment is nothing short of bribery and corruption because it is not a legally required payment and the motive was clearly to unduly influence the minister to approve their license.
Such payment will likely violate the foreign corrupt practices act
Answer:
a. Shopping for used cars when the seller has private information about the car unavailable to the buyer
Explanation:
When the market is not able to produce an efficient quantity, then it is said that market is failed. This might happens due to many reasons and asymmetric information is one of them. When there is an asymmetric information, then the sellers of the used car have information about it, but the buyer do not have the full information about the used car.
Hence this leads to inefficient outcome and therefore market fails.
Hence it can be said that a market failure example is Shopping for used cars when the seller has private information about the car unavailable to the buyer.
Hence option first is the correct answer.
Answer
The correct answer is:
$16,600
Explanation:
The ending inventory is the total value of the inventory at hand, that was not sold for the year. To calculate this, we will subtract the total cost of goods sold from the total purchase. This is shown below:
Beginning inventory = $ 19,600
Purchased inventory = $ 233,000
Total inventory value in the year = $ 252,600
Cost of goods sold = $ 236,000
Therefore, Ending inventory = Total inventory value in the year - Cost of goods sold
= 252,600 - 236,000 = $16,600
